Discounted Cash Flow (DCF) Analysis Unlevered

Groupe Partouche SA (PARP.PA)

21.6 €

+0.10 (+0.47%)
All numbers are in Millions, Currency in USD
Stock DCF: 36.66 | 21.6 | undervalue

Operating Data

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Revenue 433.49343.46255.70388.77423.81439.42455.61472.39489.79507.83
Revenue (%)
EBITDA 81.9356.2034.1284.9078.1378.1180.9983.9787.0790.27
EBITDA (%)
EBIT 35.32-5.64-41.5832.4929.194.8355.195.385.58
EBIT (%)
Depreciation 46.6161.8475.7052.4148.9473.2975.9978.7881.6984.70
Depreciation (%)

Balance Sheet Data

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Total Cash 119.13138.44178.81166.87149.36189.73196.72203.96211.48219.27
Total Cash (%)
Account Receivables 36.8435.8750.5123.3026.3644.7446.3948.1049.8751.71
Account Receivables (%)
Inventories 9.199.215.996.256.639.079.409.7510.1110.48
Inventories (%)
Accounts Payable 1519.1239.6315.1915.7328.2529.2930.3731.4932.65
Accounts Payable (%)
Capital Expenditure -55.82-36-34-41.58-54.79-52.97-54.93-56.95-59.05-61.22
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 21.6
Beta 1.168
Diluted Shares Outstanding 9.61
Cost of Debt
Tax Rate 19.44
After-tax Cost of Debt 3.33%
Risk-Free Rate
Market Risk Premium
Cost of Equity 9.642
Total Debt 268.90
Total Equity 207.66
Total Capital 476.56
Debt Weighting 56.43
Equity Weighting 43.57
Wacc

Build Up Free Cash

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Revenue 433.49343.46255.70388.77423.81439.42455.61472.39489.79507.83
EBITDA 81.9356.2034.1284.9078.1378.1180.9983.9787.0790.27
EBIT 35.32-5.64-41.5832.4929.194.8355.195.385.58
Tax Rate 20.86%-8.53%-13.38%10.97%19.44%5.87%5.87%5.87%5.87%5.87%
EBIAT 27.95-6.12-47.1528.9323.524.544.714.885.065.25
Depreciation 46.6161.8475.7052.4148.9473.2975.9978.7881.6984.70
Accounts Receivable -0.97-14.6427.20-3.06-18.38-1.65-1.71-1.77-1.84
Inventories --0.033.22-0.26-0.38-2.44-0.33-0.35-0.36-0.37
Accounts Payable -4.1220.50-24.430.5412.521.041.081.121.16
Capital Expenditure -55.82-36-34-41.58-54.79-52.97-54.93-56.95-59.05-61.22
UFCF 18.7524.793.6442.2714.7616.5624.8325.7426.6927.67
WACC
PV UFCF 15.6122.0621.5721.0820.60
SUM PV UFCF 100.92

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.08
Free cash flow (t + 1) 27.81
Terminal Value 498.43
Present Value of Terminal Value 371.05

Intrinsic Value

Enterprise Value 471.97
Net Debt 119.54
Equity Value 352.43
Shares Outstanding 9.61
Equity Value Per Share 36.66